ACEN Australia has secured $473.5m (A$750m) in portfolio debt financing to bolster its clean energy initiatives in Australia.

The financing supports the company’s ongoing and future renewable projects, highlighting ACEN Australia’s commitment as a long-term investor in the nation’s clean economy.

The funding will support the nearly finished 400MW Stubbo Solar project in New South Wales and follows the first power output from the 400MW Stage 1 of the New England solar project in 2023.

The deal was supported by a group of 11 lenders from Australia and overseas, broadening ACEN Australia’s network of finance partners and highlighting strong market trust in the company’s growth plans and proven performance.

ACEN Australia managing director David Pollington stated: “Our ability to attract top-tier financial partners re-inforces our position as a trusted, long-term developer, owner and operator of assets, and reflects growing investor appetite for high-quality, renewable infrastructure in Australia.”

The financing establishes a funding base for ACEN Australia’s diverse portfolio, which includes more than 1GW of renewable capacity in operation and under construction, with an additional 13GW in development across the national electricity market.

ACEN Australia chief financial and investments officer Phillip Mak stated: “This transaction strengthens our funding platform, accelerates our delivery pipeline and positions us as a capable partner backed by a stable and diverse capital base.”

The transaction involved a range of financial institutions: ANZ Banking Group, the Commonwealth Bank of Australia, CTBC Bank Co (Singapore branch), CTBC Bank (Philippines) and Cathay United Bank.

Other participants included Deutsche Bank (Sydney branch), DBS Bank (Australia branch) and Westpac Banking.

Macquarie Capital and Morgan Stanley acted as joint financial advisors for the transaction, with Allens serving as legal adviser for ACEN Australia and Herbert Smith Freehills advising the lenders.

ACEN is on track to achieve 100% renewable energy generation by 2025 and reach net-zero greenhouse gas emissions by 2050.